18th Nov 2013 09:46
LONDON (Alliance News) - Northcote Energy Ltd Monday said it has achieved a 600% increase in oil production at the West Little Drum well in Oklahoma.
The onshore US oil and gas exploration and production company said that fracture stimulation at the site has resulted in a significant increase in production, with the well reporting an average of 35 barrels of oil per day over the entire 20-day post-fracking period.
The company said that natural gas production at the four-well unit has increased to 171 million cubic feet per day for the first week of November from its pre-fracking average of 43 million cubic feet per day in September.
The company said the West Little Drum well is the third of a four-well fracking programme for 2013 at its 51%-owned Horizon Project, which has so far been completed at a gross cost of USD150,000 with the next well to be fracked before the end of the year.
Northcote Energy shares were down 0.6% to 1.12 pence in early trading Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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